Bank stocks have risen for three consecutive years, with the Agricultural Bank's stock price increasing more each year than the previous year.

In terms of market hotspots, bank stocks have been continuously strong recently, with sector indices frequently hitting record highs. From the perspective of the annual line, bank stocks have risen for three consecutive years, with a cumulative increase of up to 94%, far exceeding the 29% increase in the Shanghai Composite Index during the same period, as well as the increases of 60%, 33%, and 42% in the Shanghai and Shenzhen 300, ChiNext Index, and ChiNext 50, respectively. Agricultural Bank of China has accelerated, rising for four consecutive years, with each year's increase larger than the previous year: an increase of 8.82% in 2022, 42.79% in 2023, 60.88% in 2024, and 66.67% so far this year, with a cumulative increase of 317% over the four years. Industrial and Commercial Bank of China, China Construction Bank, and Bank of China have also risen significantly during the same period, by 141%, 122%, and 175%, respectively. Galaxy Securities stated that policy guidance for optimizing bank credit structure, safeguarding interest rate differentials, resurgence in the capital market opening up growth opportunities in midstream business income, and the "Fifteenth Five-Year Plan" proposal to promote long-term transformation of the banking industry are all factors to watch. Pay attention to the release of policy effectiveness, progress in industry reform, and opportunities for fundamental improvement. The medium-term dividend payout of banks remains strong, highlighting the continuity of dividend value. Combining multi-dimensional incremental funds to accelerate the reshaping of bank valuations, continuing to be bullish on the bank sector's allocation value.